Pompano Beach (Fla.) Police & Firefighters' Retirement System hired Sawgrass Asset Management to run about $17 million in active domestic large-cap growth equities.
The $242 million pension fund hired the manager following the recommendation of investment consultant Graystone Consulting to split the pension fund's large-cap growth portfolio 50/50, recently released board meeting minutes showed. As a result, current manager Sands Capital Management's portfolio was reduced to about $17 million from $34 million.
As of Sept. 30, the pension fund's actual allocation to domestic equities was 37.3%.
Debra Tocarchick, executive director, did not immediately reply to requests for further information.